For the Six Months Ended June 30, 2026

For the Six Months Ended June 30, 2025

Diversified

Hospitality

Total

Diversified

Hospitality

Total

Total Revenues

$

28,080

$

14,132

$

42,212

$

31,191

$

18,917

50,108

Less:

Property operating expense

3,009

7,250

10,259

3,090

9,394

12,484

Property management fees

424

370

794

363

543

906

Real estate taxes and insurance

2,166

896

3,062

2,375

1,039

3,414

Advisory and administrative fees

6,028

—

6,028

6,764

3,898

10,662

Property general and administrative expenses

1,291

1,846

3,137

1,147

2,460

3,607

Corporate general and administrative expenses

5,575

575

6,150

5,577

(1,630

)

3,947

Depreciation and amortization

5,363

1,850

7,213

5,721

2,216

7,937

Impairment loss

—

—

—

—

1,752

1,752

Interest expense

6,406

4,594

11,000

7,513

6,400

13,913

Equity in losses of unconsolidated equity method ventures

873

—

873

167

—

167

Change in unrealized losses from non-real estate investments

8,793

—

8,793

74,959

—

74,959

Loss (gain) on extinguishment of debt and modification costs

210

—

210

—

—

—

Realized losses from non-real estate investments

(145

)

—

(145

)

(4,981

)

—

(4,981

)

Loss (gain) on sales of real estate

—

2,784

2,784

—

(37

)

(37

)

Income tax expense

1,094

189

1,283

484

88

572

Net loss

$

(13,007

)

$

(6,222

)

$

(19,229

)

$

(71,988

)

$

(7,206

)

$

(79,194

)